Murphy Devin Ignatius 4

What Happened

• Devin I. Murphy, a director of Phillips Edison & Company, Inc. (PECO), was granted 2,901 Class B limited partnership units in PECO OP on 2026-05-12. The units were issued with an acquisition price of $0.00 (transaction code A — award/grant). Because these are derivative partnership units (not an open-market purchase or sale), no cash exchanged hands.

Key Details

• Transaction date: 2026-05-12; Form 4 filed: 2026-05-14 (timely within the 2-business-day window).
• Instrument: 2,901 Class B Units of limited partnership interests in Phillips Edison Grocery Center Operating Partnership I, L.P. (derivative).
• Price: $0.00 (grant/award).
• Shares/units owned after transaction: not specified in the provided filing excerpt.
• Footnotes of note:
  • F1: OP Units are exchangeable by holders for cash equal to the fair market value of one share of PECO common stock or, at PECO OP’s option, for one share of common stock (one-for-one); no expiration and not subject to vesting.
  • F2: Class B Units are a form of partnership interest that, upon meeting certain conditions, can achieve full parity with OP Units and convert into OP Units.
  • F3: The Class B Units in this grant vest in full on the earlier of (i) the first anniversary of grant or (ii) the next annual meeting that is at least 50 weeks after the prior meeting, subject to continued service.

Context

• These Class B Units are a compensation award/derivative grant rather than a market purchase or sale. If and when the Class B Units vest and attain parity, they convert into OP Units, which can ultimately be exchanged for common stock (or cash at fair market value) on a one-for-one basis. Grants like this are commonly part of director compensation and do not, by themselves, indicate buying or selling sentiment.